According to Curbed.com, Hispanics increasingly make up what is considered the typical American homebuyer. Hispanics are expected to represent 52 percent of new homebuyers between 2010 and 2030, primarily driven by the country’s 14.6 Hispanic millennials.

From the year 2000 to present, the number of Hispanic households has increased by 6.7 million, which makes up 42.5 percent of the country’s overall household growth. Hispanics’ strong desire to own a home has driven home buying by Latinos across the United States, according to housing market experts.

“The fact is the majority of Latinos want to be homeowners and will make up half of all new home buyers in the next 20 years,” Scott Astrada, Director of Federal Advocacy at the Center for Responsible Lending, told NBC. “They have a central place in the housing market and finance system,” Astrada added.

Harvard University Joint Center for Housing Studies’ “State of the Nation’s Housing” study forecasts that minorities overall will drive three-quarters of the gains in U.S. households. Latinos will likely account for one-third of those increases alone.

Hispanics currently make up 17 percent of the U.S. population. Hispanics are expected to make up the largest segment of the Texas population by 2020 and comprise a prime source of population growth in California too.

“With credit remaining tight and limited housing inventory in several markets, these numbers are extremely encouraging and a testament to the economic resilience of the Hispanic community,” says Joseph Nery, 2016 president of the National Association of Hispanic Real Estate Professionals.

Real estate analysts say they view this market demographic as one of the major growth engines for the American housing and real estate industries.

But there are plenty of challenges that could jeopardize Hispanics making a larger imprint on the real estate industry. The Great Recession had a large impact on their savings, wiping out an estimated two-thirds of Latino wealth. NAHREP urges that this population would benefit from expanding access to affordable lending products with low downpayment requirements.

NAHREP cites stats that show Hispanics were denied loans at a rate of 17.3 percent, which is 9 percentage points higher than the denial rate for non-Hispanic whites. Also, NAHREP warns that deportations and immigration policies could have an impact on the Hispanic housing market. A 2016 study linked deportations to increased foreclosure rates among Hispanic households.

With all factors in mind, the overall current situation remains: Hispanic homeownership is helping to fuel the United States residential real estate market and this effect is expected to continue.

Sales of new United States homes decreased by 9.4 percent in July, representing the strongest one-month decreased in close to a year. But the decrease followed strong sales in previous months, and sales so far this year are outperforming last year’s.

The Commerce Department said Wednesday that new-home sales fell to a seasonally adjusted annual rate of 571,000 in July, down from 630,000 in June. Last month’s figure was the weakest since December.

Even so, sales in the first seven months of the year are 9.2 percent higher than in the same period last year. More buyers are turning to newly built houses as the supply of existing homes for sale has fallen consistently.

The housing market overall is healthy for the most part, but sales have stumbled this summer as a supply crunch has elevated average home prices nationwide. The increasing price levels have made homes too expensive for a number of potential buyers, even as healthy hiring has lowered the unemployment rate to a 16-year low of 4.3 percent.

Builders are ramping up the supply of new homes, providing some much needed relief. The number of newly built homes available is still below historical levels but the supply of new homes for sale increased by 1.5 percent in July from June to 276,000. That’s 16.5 percent higher than a year earlier.

That level is considered enough to last 5.8 months at the current sales pace – near the 6 months that is typical in a healthy residential housing market.

By contrast, the number of existing homes for sale decreased by 7.1 percent in June in comparison to the numbers from a year earlier. The larger supply of new homes has kept prices from rising as much as in the market for existing houses. A typical new home sold for $313,700 in July – below the $316,200 average price for all of last year.

Prices for existing homes increased by 5.6 percent in May when compared to the previous year, according to the latest data available via the S&P Case-Shiller home price index.

The rate of homeownership has progressively fallen since the Great Recession from 70 percent to an estimated 64 percent today. Housing industry experts say that new data indicates an approaching increase in the homeownership rate for the current year.

Real estate-focused website Trulia has evaluated the Census report and uncovered that owner households formed at two times the rate of renter households during the first quarter of this year. Per Trulia, this is an indicator that the largely anticipated millennial homeownership boom may be helping to push the homeownership rate up after 10 years of decline.

“Strong renter formation is one of the reasons why the homeownership rate has continued to drop since the onset of the housing crisis, so any sign this trend is reversing is something to take note of,” said Ralph McLaughline, Chief Economist for Trulia.

Industry professionals as well as potential homebuyers have credited the inability of young renters to come up with the money for a down payment as a primary obstacle in entering the housing market. Seventy percent of the renters who recently participated in a survey conducted by Zillow said that saving up enough money for a down payment is a bigger obstacle than any concerns over debt from student loans or other debts.

Homeownership rates in the first quarter of this year were highest among homeowners aged 65 and older (78.6 percent), while the homeownership rates were the lowest for homeowners aged 35 and younger (34.3 percent).

Other Census report data relevant to this topic includes:

Homeowner vacancy rate was 1.7 percent for the first quarter of 2017, while the renter vacancy rate was 7 percent.

3 percent of the United States’ housing was occupied in the first quarter of 2017, with 55.5 percent owner-occupied and 31.8 percent renter-occupied.

A recent survey by National Association of REALTORS® (NAR) shows that approximately eight out of ten Americans still believe strongly that buying a home is a good financial choice.

This four bedroom and three and a half bath single family home located at 650 Jacana Circle in a gated Naples community has just been reduced to $825,000.

Featuring 3,407 square feet, this estate home offers spectacular long lake views in this quiet and beautiful gated community. The home has a two-car garage situated on a corner, oversized lot at the end of cul-de-sac. Extended brick-layered driveway welcomes you to grand entrance through double French doors. Vaulted ceilings and sky lighting throughout home as well large sliding glass doors all throughout allowing natural light to be present. Gorgeous wood floors throughout great room and sliding doors opening up to spacious lanai. The home’s spacious chef’s kitchen is perfect for entertaining and overlooks a formal dining area with lake views. The kitchen also features a built in desk and breakfast bar.

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Of the 902 closed sales on homes in the Naples area for April 2017, 65.3 percent were cash sales and 34.7 percent were conventional mortgage sales, according to the latest report released by the Naples Area Board of REALTORS® (NABOR®). The prior month’s Market Report pointed out the history of cash sales in the area has decreased over the last several years and more buyers are financing the purchase of their homes: 73 percent cash sales in March 2015, 67 percent for March 2016, and 64 percent for March 2015. With a growing number of homebuyers turning to financing in order to purchase a home and a recent survey by real estate data provider Zillow reporting that more than two-thirds of renters consider setting aside money for a downpayment as the number one obstacle to entering the housing market, it is important for potential buyers to be aware of the options available to assist them in getting over the downpayment hurdle.

Here are some tips for potential homebuyers to consider in overcoming the downpayment hurdle include:

Consider beginning to save early on.

Carefully weigh loan options.

Look into lenders offering loans through government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, which only require a 3 percent downpayment or loans offered through the Federal Housing Administration (FHA), which require a 3.5 percent downpayment.

Buyers who are U.S. Military Veterans, service members or residents of specific rural areas may not have a downpayment requirement at all, as the Department of Veterans Affairs and the U.S. Department of Agriculture have zero-downpayment loan programs available for qualified borrowers.

Consider using gift money from relative or friends toward the downpayment amounts or retirement savings.

A large number of downpayment assistance programs exist across the nation as well, for borrowers with low to moderate income, teachers, firefighters, and other public service positions.

With industry leaders indicating a vast and growing number of potential homebuyers are currently interested in entering the housing market, as well as a decreasing number of cash sales in the Naples area, an increasing number of buyers looking to finance the purchase of a home, and clearly expressed concerns about challenges in saving enough money for a downpayment, a clear analysis of all of the options available to potential homebuyers is timely and essential. As the summer residential real estate season begins, potential homebuyers are encouraged to explore the many options available and carefully consider those options as far as requirements for qualification and what will best fit the individual current and future needs of each homebuyer.

The entire process of buying a home for the first time can be extremely overwhelming. In addition to all of the paperwork, the expenses involved rapidly add up and become daunting as well. On the plus side, there are many grants and programs available to assist first-time homebuyers with this process.

Some of the options available nationwide include FHA loans available through the Federal Housing Administration (FHA), an agency that operates within the U.S. Department of Housing and Urban Development (HUD), which insures the mortgage and lenders receive a layer of protection that will protect them from experiencing a loss if the borrower ends up defaulting on the mortgage. FHA loans typically offer competitive interest rates, a reduced down payment, and lower closing costs. Borrowers with a credit score of 580 or higher could be eligible for a mortgage with a down payment as low as 3.5 percent.

Also, USDA loans provide a homebuyer assistance program of the U.S. Department of Agriculture focuses on residences in certain rural areas. Through this program, the borrower does not need to purchase or run a farm to be eligible, the USDA guarantees the loan, there may be no down payment required, and the loan payments are fixed. USDA loan program applicants with a credit score of 620 or higher typically receive streamlined processing.

Other programs available include:

VA loans through the U.S. Department of Veterans Affairs and this program assists service members, veterans and surviving spouses in the process of purchasing a home.

Good Neighbor Next Door, which is sponsored by HUD and focuses on providing housing aid for law enforcement officers, firefighters, emergency medical technicians and teachers.

Fannie Mae or Freddie Mac have a program through which they work with local lenders to offer mortgage options that benefit low- and moderate-income families.

Energy Efficient Mortgage is a program that allows one to add improvements to their home that will make it more environmentally friendly. The federal government supports Energy Efficient Mortgage loans by insuring them through FHA or VA programs.

The first quarter of 2017 closed strong for the housing market as data recently released by Florida REALTORS® shows the residential real estate market across Florida with higher number of closed sales, higher median prices and a higher number of pending sales for the month of March. There were a total of 25,921 single-family home sales reported for March 2017, representing a 9 percent increase from March 2016.

“March’s strong sales likely were influenced by buyers ready to take action before interest rates could move higher,” says 2017 Florida REALTORS® President Maria Wells. “Higher demand, coupled with a shortage of available homes for sale, continues to put pressure on prices – so buyers are eager to make an offer when they find the right property.”

“That means it’s a good time for sellers to list their homes since they continue to receive a higher sales price as inventory remains scarce,” added Wells. “In March, sellers of existing single-family homes received 96.1 percent (median percentage) of their original listing price, while those selling townhouse-condo properties received 94.7 percent – an indication that the listed price is extremely close to market value.”

The median sales price for single-family existing homes in Florida for March was $231,900, an increase of 10.4 percent from the prior year, according to data released by Florida REALTORS® research department in conjunction with local real estate professional boards/association. The median price for townhomes/condominium homes in March statewide was $171,000 – 9.4 percent higher than one year ago. March marked the 64th consecutive month that statewide median prices for both the single-family home sector and the townhome/condominium home sector increased year-over-year.

The Naples Area Board of REALTORS® Market Report, released Monday, April 17, 2017, posted a solid first quarter for the housing market in the area. According to the report, pending sales increased by 11 percent overall from 1Q 2016 to 1Q 2017. Closed sales increased 14 percent overall from 1Q 2016 to 1Q 2017. Median closed sales price increased by 2 percent overall from 1Q 2016 to 1Q 2017. Inventory increased by 13 percent overall from 1Q 2016 to 1Q 2017.

“March turned out to be one of the strongest months we’ve seen in a long time for sales of existing homes in the Sunshine State,” said Florida REALTORS® Chief Economist Dr. Brad O’Connor. “Sales for both single-family homes and for townhouse-condo units in March marked the fourth-highest monthly total for any single month over the past decade,” O’Connor added.

There have been a lot of conversations revolving around millennials and their significant impact on the residential real estate market. Generation X, which is comprised of those in the 37 to 51-age bracket, is making a substantial impact as well. Generation Xers currently make up the second largest share of homebuyers; 28 percent of all homebuyers for 2016.

Generation Xers typically have the largest families and make up the largest portion of buyers that are married couples (68 percent), according to the National Association of REALTORS® (NAR). Chief reasons for home purchases by those in the Gen X group are the wish to live in a larger home, an employment-related relocation, and modifications within the family situation.

Generation X also makes up the second largest percentage of first-time homebuyers (26 percent), the largest segment to buy detached single-family homes (87 percent), and they have the highest median household income of all age groups at $106,600.

In line with the fact that they have the highest median household income of all age groups, Gen Xers are purchasing the largest, most high-priced homes on the housing market, in comparison to all other generations. The median price of homes purchased by Gen X buyers is $261,000, according to NAR.

NAR indicates that a portion of Gen X buyers find previously owned homes attractive, while others prefer new homes that they are able to customize to their likings. Gen X buyers are also the most likely of any age group to consider good school zones in their purchase of a home.

Gen X also represents the biggest portion of sellers (29 percent), according to NAR. The median price at which they are selling their homes is $240,000. One out of five Generation X sellers indicates that they would have preferred to sell at an earlier date, but they owed more on their homes than what the value was.

Among homebuyers and sellers, there is a notable increase in demand for sustainable qualities in homes. The National Association of REALTORS® (NAR) recent REALTORS® and Sustainability report shows more than half of REALTORS® indicated that consumers are interested in real estate sustainability issues and practices.

“As consumers’ interest in sustainability grows, Realtors understand the necessity of promoting sustainability in their real estate practice, such as marketing energy efficiency in property listings to homebuyers,” says NAR President William E. Brown. “The goal of the NAR Sustainability Program is to provide leadership and strategies on topics of sustainability to benefit members, consumers and communities.”

To adjust and accommodate the growing consumer interest, more Multiple Listing Services (MLSs) are including data entry fields to identify a property’s green features; 43 percent of respondents report their MLS has green data fields, and only 19 percent do not. Real estate professionals see great value in promoting energy efficiency features within listings, with seven out of 10 stating that they feel strongly about the benefits in promoting those features to potential homebuyers.

The survey asked respondents about renewable energy and their perceived impact of renewable energy on the real estate market. 80 percent of agents and brokers said that solar panels are available in their market; forty-two percent said solar panels increased the property value.

The home features that survey respondents said clients consider as very or somewhat important include a home’s efficient use of lighting (50 percent), a smart/connected home (40 percent), green community features such as bike lanes and green spaces (37 percent), landscaping for water conservation (32 percent), and renewable energy systems such as solar and geothermal (23 percent).

When it comes to the sustainable neighborhood features that clients favor, 60 percent of survey respondents listed parks and outdoor recreation, 37 percent listed access to local food and nine percent listed recycling.

As conversations regarding sustainability issues and practices become more widespread and features for homes further develop, it will be interesting to see how this conversation progresses between real estate professionals, homebuilders, homebuyers, and sellers in the coming months and years.

Hispanics have a strong influence in homeownership, exceeding national statistics as they purchase homes at an increased rate for the second consecutive year.

According to the National Association of Hispanic Real Estate Professionals’ (NAHREP) recently released 2016 State of Hispanic Homeownership Report, the Hispanic homeownership rate increased to 46 percent last year, in spite of a decreasing overall rate of homeownership across the nation. The Hispanic homeownership rate was 45.6 percent for 2015 and 45.4 percent in 2014. Over 7.3 million Hispanic households owned their homes in 2016, with 330,000 new households added – 38 percent of all households formed.

The drivers that are compelling Hispanics to purchase a home are the pursuit of the American Dream and the fact that the majority of Hispanics view homeownership as a viable investment vehicle for building wealth, as well as the ideal for raising children. “The significance of a strong desire for homeownership cannot be overstated,” the report states. “Where there is a will, there is generally a way.”

More members of the real estate industry are also working to meet the unique needs of Hispanic homebuyers, particularly in terms of obtaining financing. “While the Hispanic market has outgrown the ‘niche’ segment designation, the housing industry is just beginning to fully recognize its significance to the vitality of the overall market and is responding with products and services that are more relevant to the needs of Hispanic consumers,” states the report, citing recent initiatives spear-headed by Bank of America, Fannie Mae and Freddie Mac, and Wells Fargo.

Some hurdles to Hispanic homeownership, such as financing and a lack of knowledge regarding Hispanic cultural norms amongst members of the housing industry, still exist. “Hispanics tend to reside in a multigenerational household of a typical nuclear family and include additional family members like grandparents or other adult relatives, all of whom contribute to household expenses,” the report states. “These influencing factors are interconnected with their culture and affect how they bank…Access to culturally competent real estate and mortgage professionals who speak Spanish and can recommend appropriate solutions to meet their needs creates a level playing field.”

For real estate professionals, Hispanics signify a sustainable and massive opportunity. Ninety percent of Hispanics favor owning a home over renting one in the future, and 62 percent are more likely to purchase a home than rent one upon their next move. In 2016, Hispanics had a purchasing power of $1.4 trillion – a number that will continue to grow as incomes and Hispanic-owned businesses increase and expand.